2 
assumptions as well as absurd results and is not a proper inter 
pretation of Kalecki's theory. 
Intuitively, it would seem that if the time unit in equation (2) 
is sufficiently small the same troubles as in equation (3) 
would arise also here. There exists a certain critical value 
of the time unit in (2), which must be exceeded if explosive solu 
tions are to be avoided. Dr. Gomulka has obtained results on this 
which are as yet unpublished. In Kalecki's practical examples a 
time unit of one year is assumed and it appears that this is 
sufficient to avoid unsuitable solutions of the equation.